# Oil price climb continues as crude demand looks set to absorb more OPEC barrels

> Oil futures in New York climbed past $67 a barrel ahead of an OPEC+ policy meeting. Traders expect rising demand to absorb a planned production increase from the group, as well as any additional crude from Iran. Prices were on track for a second straight monthly gain.

- Date: 2021-05-31 · published 2021-05-31T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/47241-oil-price-climb-continues-as-crude-demand-looks-set-to-absorb-more-opec-barrels
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Expectations that demand will absorb extra OPEC+ barrels support crude prices, and higher crude lifts the energy costs behind feed, fuel and freight.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Sources

- worldoil.com: https://www.worldoil.com/news/2021/5/31/oil-price-climb-continues-as-crude-demand-looks-set-to-absorb-more-opec-barrels

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.